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Gold Jumps on Cyprus Worries and Pledges of Easy Monetary Policy

by Peter A. Grant

Mar 21, AM
(from USAGOLD.com) --

Gold jumped to another new three-week high amid rumors of troika ultimatums on Cyprus and more easy monetary policy talk from the Fed's Bernanke and the BoJ's Kuroda. The yellow metal moved back withing striking distance of the late-February high at 1620.23.

The troika has reportedly warned Cyprus that a bailout deal must be reached by Monday, or they risk losing ECB liquidity support. In the wake of Parliament's rejection of the savings confiscation, they are now apparently considering a raid on the pension system. Funds pilfered from the pension program would be replaced by government bonds, which are considered to be junk by all of the ratings agencies.

The risks that Cyprus will exit the EMU have risen dramatically, which may have eurozone-wide implications. In rejecting a 7%-10% tax on their savings, the Cypriot people are risking far more than that should an exit occur. I suspect a return to the Cypriot pound would come with a devaluation of 40% or more. You can pay me now, or pay me later...

Fed chairman Bernanke reiterated yesterday that the central bank would stay the course on zero interest rate policy and QE. Overnight, the BoJ's new governor lived up to expectations that he was going to be the doveyest of all dovey G7 central bank chiefs.

"There is no doubt that we need to carry out bold monetary easing both in terms of quantity and quality," said Haruhiko Kuroda in his very first press conference as the head of the BoJ. He categorized QE as "indispensable" in pledging to meet his 2% inflation target within two-years. This increases the likelihood that open-ended asset purchases will begin before January 2014.

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Gold Jumps on Cyprus Worries and Pledges of Easy Monetary Policy